Milestone Payment definition
Examples of Milestone Payment in a sentence
The accrual and payment of interest pursuant to this Section 2.3.2(d) shall not limit or affect any other right or remedy available to Sellers under this Agreement or applicable Law on account of Buyer's failure to timely pay any Development Milestone Payment or Commercial Milestone Payment.
With respect to any amounts of any Milestone Payment that are the subject of a Dispute Notice, if such amount is found to be payable to the Securityholder Representative in accordance with Section 9.4, such amount will begin to accrue interest in accordance with this Section 9.1(d) upon the final resolution of such dispute.
Such interest shall be due and payable by Buyer to Sellers together with, and in addition to, the corresponding Development Milestone Payment or Commercial Milestone Payment.
Notwithstanding anything to the contrary contained in this Agreement, prior to the payment of the PRV Proceeds or any Milestone Payment (each, a “Contingent Cash Payment”), the amount and composition of such Contingent Cash Payment will be adjusted as set forth below (subject to Section 9.4).
Notwithstanding anything herein to the contrary, any undisputed amount of any Milestone Payment not paid when due pursuant to Section 9.1(c)(i) shall accrue interest thereon from (and including) the date such payment was to be made pursuant to the terms of Section 9.1(c)(i) to the date actually paid in full at an interest rate equal to the lesser of (i) the Federal Rate plus three percent (3%) per annum and (ii) the maximum interest rate permitted under applicable Law, in each case, compounded monthly.